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Price Signal Summary - Flag Formation In S&P E-Minis Reinforces A Bullish Theme

OUTLOOK
  • In the equity space, S&P E-Minis traded higher Tuesday but price remains below the recent high. The outlook is bullish. Recent consolidation in the daily chart appears to be a bull flag - a continuation pattern. This reinforces a bull theme. The recent break of 3928.00, Nov 1 high, established a positive price sequence of higher highs and higher lows, highlighting an uptrend. The focus is on 4100.00 next. Initial firm support lies at 3871.36, the 50-day EMA.
  • A bullish EUROSTOXX 50 futures outlook remains intact and the contract traded higher Tuesday. This maintains the recovery that started in early October and marks an extension of the bullish price sequence of higher highs and higher lows. The recent break of resistance at 3810.00, Aug 17 high, strengthened the case for bulls. The focus is on 3961.20, a Fibonacci retracement. Initial firm support lies at 3697.00, the Nov 10 low.

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